Russia grants broader access to exchanges before Urals futures launch

Russia has granted foreign firms direct access to commodities trading on Russian exchanges in a move intended to facilitate the launch of Urals crude futures later this year. Russia's largest commodities exchange said on Wednesday foreign companies could now trade commodities or derivatives based on them without having a registered branch in Russia, following changes approved by President Vladimir Putin.
Russia's government approved a blueprint for the launch of Urals crude futures in May. The futures contracts are expected to be launched on the St Petersburg International Mercantile Exchange (SPIMEX).